🚨 Data has exploded, but the market hasn’t reacted yet

On August 5th, the daily transaction volume on the Ethereum chain surpassed 1.74 million, officially exceeding the peak of the 2021 bull market.

💡 What we are more concerned about is:

1️⃣ This is not short-term speculation, but structural recovery.

The average of the past week is already close to the peak, indicating that this is not incidental traffic, but a large number of real transactions, deployments, and calls are happening.

2️⃣ Stablecoins and ETH reserves are key variables.

Stablecoins like $USDe, $USDT, $DAI are redefining on-chain capital flows,

along with an increasing number of project teams/companies treating ETH as on-chain cash reserves, leading to a significant increase in on-chain activity.

3️⃣ ETH itself hasn’t moved.

On-chain data is changing, but the price hasn’t moved yet. Why?

🔸 ETF hasn’t been approved

🔸 Funds are still watching

🔸 The market hasn’t given a pricing model for the on-chain treasury era

📌 My judgment is:

When ETH becomes a stakable, interest-bearing, custodial asset, and is included in the allocation models of more sovereign funds and family offices,

it's valuation framework will truly switch from a high beta asset to a new generation of digital treasury bonds.

Maybe not today, but on-chain data has already leaked the future script in advance.📚#比特币流动性危机 #ETH巨鲸增持